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Talking Points:
- AUD/USD Technical Strategy: Flat
- Support:0.7855, 0.7751, 0.7623
- Resistance:0.8031, 0.8137, 0.8256
The Australian Dollar is attempting to build upward against its US namesake as expected after putting in a Hammer candlestick. Near-term resistance is in the 0.8006-31 area, marked by the 14.6% Fibonacci retracement and the January 7 low, with a break above that on a daily closing basis exposing the 0.8100-37 zone (23.6% level, falling trend line). Alternatively, a turn below the 50% Fibexpansion at 0.7855clears the way for a challenge of the 61.8% expansion at 0.7751.
Positioning is inconclusive at this point, with prices offering no clear-cut and actionable signal to initiate a long or short trade. We will continue to remain on the sidelines for the time being, waiting for a compelling opportunity to present itself.
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Daily Chart - Created Using FXCM Marketscope
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
